TP ICAP’s Institutional Crypto Exchange Finally Goes Live for Spot Trading

Fusion Digital Assets, TP ICAP’s crypto spot exchange for institutional investors initially targeted for mid-2021 launch, has finally gone live. The platform has successfully completed its first Bitcoin/US dollar trading pair transaction, the top interdealer broker said on Wednesday, noting that the trade was settled by one of its partners, Fidelity Digital Assets.

TP ICAP Floats New Platform

The launch of the enterprise-grade trading venue comes six months after TP ICAP secured a UK license to operate the exchange. However, the financial market infrastructure and data solutions provider has been offering crypto derivatives services since 2019.

The new platform combines TP ICAP’s proprietary over-the-counter electronic platform, Fusion, with the institutional-grade custodial expertise of Fidelity Digital Assets. In addition to depending on TP ICAP’s order matching and trade execution technology, the exchange also taps into the firm's diverse liquidity from its global client base.

“The venue currently supports trading in Bitcoin and Ether against USD,” TP ICAP said. “Going forward, it will expand the assets it supports in line with client demand,’ the firm added, noting that the platform will further expand to support “a multi-custody model".

A Joint Project

Apart from Fidelity Digital Assets, TP ICAP also onboarded several industry stakeholders as partners and clients for the launch of Fusion Digital. They include liquidity provider, Flow Traders; crypto liquidity provider and asset manager, XBTO Global; and crypto asset trading and custody integration services provider, DLT Finance.

Finance Magnates previously reported that TP ICAP onboarded quantitative trading firm Hudson River Trading as a spot crypto market maker for the project. The London-listed company also previously tapped Standard Chartered’s Zodia Custody. However, these firms are not mentioned in the latest announcement.

“Today is a further milestone in our collaboration with TP ICAP and the evolution of the digital assets ecosystem to enable even more participation from institutional investors,” said Manuel Nordeste, Head of European Business Development at Fidelity Digital Assets Europe. “Our collective goal is to enable investors to navigate this nascent asset class, execute trades, and custody their assets with confidence.”

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TP ICAP Gains UK Registration for Institutional Crypto Exchange

<p>TP ICAP’s wholesale exchange for crypto assets, Fusion Digital Assets, has registered with the <a href="https://www.financemagnates.com/terms/f/financial-conduct-authority-fca/" target="_blank" id="4c85a54d-15e0-4e44-a214-8c55f71cb286_1" class="terms__main-term">Financial Conduct Authority (FCA</a>), allowing the platform to operate in the United Kingdom.</p><p>Announced on Thursday, TP ICAP is yet to launch its crypto exchange services though it <a href="https://www.financemagnates.com/institutional-forex/tp-icap-to-launch-crypto-trading-services-for-institutions/" target="_blank" rel="follow">confirmed the upcoming services in mid-2021</a>. It will cater to institutional market participants only and will be operated by Tullett Prebon (Europe) Limited.</p><p>“Despite growing demand from our traditional client base, until now, the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital. Fusion Digital Assets addresses this need,” said TP ICAP Group’s Co-Head of Digital Assets, Duncan Trenholme.</p><p>“Its distinct attributes – namely a segregated model, TP ICAP’s track record of operating venues, and our means to distribute – are well recognized and trusted by institutional market participants.”</p><p>An Institutional Platform</p><p><a href="https://www.financemagnates.com/tag/tp-icap/" target="_blank" rel="follow">TP ICAP</a> is using its proprietary OTC electronic platform, Fusion, which will offer non-custodial services for order matching and trade <a href="https://www.financemagnates.com/terms/e/execution/" target="_blank" id="60010adb-9e25-4bff-9822-c9210deec853_1" class="terms__secondary-term">execution</a> with cryptocurrencies. In addition, it partnered with Fidelity Digital Assets for custodial services.</p><p>Known for being the largest inter-dealer broker, TP ICAP’s entry into the <a href="https://www.financemagnates.com/cryptocurrency/news/tp-icaps-crypto-platform-adds-jane-street-and-virtu-as-liquidity-providers/" target="_blank" rel="follow">digital asset space</a> would provide legitimacy in the crypto market when it is reeling with controversy. It gained the license when FTX, once a major cryptocurrency exchange, collapsed within days when the shady business practices of its Founder and former CEO, Sam Bankman-Fried, surfaced.</p><p>The extension of the FCA’s authority over the UK’s cryptocurrency market has <a href="https://www.financemagnates.com/cryptocurrency/news/cryptocom-secures-regulatory-approval-from-fca/" target="_blank" rel="follow">mandated all crypto businesses </a>operating in the country to register with the regulator. However, the registration process that started before the pandemic remains slow. FCA’s CEO, Nikhil Rathi, recently revealed that around 85 percent of crypto firms failed FCA’s registration process.</p><p>“Over time, we believe blockchain will lead to the tokenization of traditional asset classes. This will result in a more efficient, automated, and risk-mitigated trading and settlement process for financial markets. Fusion Digital Assets positions us well to grasp the opportunities that this change will bring,” Trenholme added.</p> This article was written by Arnab Shome at www.financemagnates.com.

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FalconX Expands Liquidity Access through TP ICAPs Fusion Digital Assets Partnership

The institutional digital asset prime broker FalconX has partnered with Fusion Digital Assets, TP ICAP's wholesale spot crypto asset exchange based in the UK. This collaboration aims toprovide FalconX access to competitive pricing and liquidity from TP ICAP'swholesale clients, leveraging Fusion Digital Assets' framework.

According to a statement shared by the company, thisintegration is important in the evolving landscape of crypto assets,where interaction between institutional digital asset prime brokers and majorfinancial market infrastructure providers is crucial.

Connecting Crypto and Traditional Finance

By bridging the native crypto asset ecosystem withtraditional financial markets, the collaboration aims to facilitate seamlesstransactions and foster growth in the digital asset industry.

Austin Reid, the Global Head of Revenue and Businessat FalconX, mentioned: "Collaborating with Fusion Digital Assets is another significantstep in our ongoing efforts to bridge traditional financial markets and thegrowing crypto asset ecosystem."

"This will enhance liquidity for our clientsand foster an environment that propels growth and innovation in the digitalasset industry. It underscores our commitment to providing secure, efficient,and seamless access to the global digital asset market for our clients."

Our Fusion Digital Assets exchange is built to provide deep liquidity that can be relied upon during all market conditions. That's why were excited to announce our partnership with FalconX, the worlds largest institutional digital asset prime broker. https://t.co/Iwq6qNbkoG

Enhancing Crypto Liquidity and Innovation

This partnership aims to enhance liquidity andfacilitate the creation of a more connected and innovative digital assetindustry. According to the duo, the collaboration between FalconX and TP ICAP'sFusion Digital Assets will unlock new opportunities and enhance global digitalasset liquidity access.

Last year, TP ICAP launched its institutional crypto exchange, Fusion Digital Assets. After securing a UK license in December 2022,TP ICAP's platform is operational for spot trading targeting institutionalcrypto investment.

The platform's first Bitcoin/US dollar trading pairtransaction was facilitated in partnership with FidelityDigital Assets. This launch marked a pivotal moment for TP ICAP, which has offered crypto derivatives services since 2019, Finance Magnates reported.

Fusion Digital Assets aims to expand its assetofferings in response to client demand. With plans for a multi-custody model,the platform is set to accommodate diverse investment strategies andpreferences.

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